The Capital Market Authority approves the capital increase request for Arab National Bank through the issuance of bonus shares
Monday, February 04, 2019 at 6:12 PM
Mon Feb 4, 2019 18:12
The CMA has issued its resolution approving Arab National Bank's request to increase its capital from SAR (10,000,000,000) to SAR (15,000,000,000) through issuing (1) bonus share for every (2) existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the Company's board, such increase will be paid by transferring an amount of SAR (2,000,000,000) from the “Retained Earnings” account and SAR (3,000,000,000) from “Statutory Reserves” account to the Bank's capital. Consequently, increasing the Bank's outstanding shares from (1,000,000,000) shares to (1,500,000,000) shares, by an increase of (500,000,000) shares. The extraordinary general assembly shall be held within six months from this approval date and the Bank shall satisfy all regulatory requirements and applicable laws.